Avesta Communities buys Shady Oaks

BUYER: 5870 56th LLC (Avesta Real Estate Holdings LLC), Tampa
SELLER: American Federated Title Corp. as trustee under two land trusts
PROPERTY: 5870 56th Ave., St. Petersburg and 5651 58th Way N., Kenneth City
PRICE: $7.1 million
PREVIOUS PRICE: $60,000, 1971
LAW FIRM ON DEED: King & Spalding LLP, Atlanta

PLANS, DESCRIPTION: Tampa-based Avesta Communities LLC purchased the 189-unit Shady Oaks in north St. Petersburg for $7.1 million.

The price equated to $37,566 per unit and $46.09 per square foot.

Built in 1972 and 1974, Shady Oaks features five three-story buildings on a 7.17-acre parcel. Units average 815 square feet, and more than 80% of all of the units contain two bedrooms. The community was heavily renovated over the last two years with new roofs, paint, elevators and interior and parking lot upgrades. Community amenities included a swimming pool with sundeck, laundry facilities in each building and a clubhouse.

Its occupancy was around 90% at the time of the sale.

Franklin Street Real Estate Services agents Deme Mekras and Elliot Shainberg in the Miami office and Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames of the Tampa office represented the seller.

The property was the only Central Florida apartment community held by the seller, who owned a number of other properties in South Florida.

The purchase entity 5870 56th LLC mortgaged the property to the former owner American Federated Title Corp. as trustee under two land trusts for $4.64 million.

Avesta Homes is one of the most active multifamily investors in the Tampa Bay area. Its holdings include Bella Mar, Busch Gardens and Casita Bella in Tampa; Cavalaire Square, Cheri Court, Executive Estates and River Heights in New Port Richey; Sawgrass in Pinellas Park; Bayside, Northridge, Old Southeast and Wildwood in St. Petersburg; Fairway Crossing 1 and North Washington in Sarasota; the Treesdale and Oakmeade in Bradenton; and 121 Jefferson and Betty Lane in Clearwater.